Young investors aged 25 to 45 are preparing for immediate milestones like paying off student debt, buying a home or growing their family. In this cohort, 55% want to know that they can afford to retire, 30% prioritize planning for risks and 15% want to support their families.
If engaged early with affordable, accessible personalized solutions, this generation can form lasting client relationships that grow in value over time. Advisors can start doing this by showing how financial planning can help younger clients achieve mid-term goals while saving for retirement.
Those aged 46 to 60 are focused on balancing multigenerational obligations, like funding children’s education, caring for aging parents and achieving their own lifestyle goals. Financial priorities for this generation are similar to younger people — 62% want retirement peace of mind, 27% want to plan for risks and 11% prioritize supporting family.
Winning middle-aged clients involves addressing conflicting priorities. Advisors need to clearly explain how a financial plan supports each financial goal, and potential trade-offs with prioritizing one goal over another. This is also the age to provide insights on estate planning and retirement tax strategies.
Canadians aged 61 to 79 are more likely to want stable retirement income, save for health-care costs and plan their legacy. Barring any major life changes, older clients are content with regular in-person updates and do not require constant notifications.
KPMG surveyed 1,045 Canadian adults in April.